(L4LL SIG AJ& REGISTERED CHARITY NUMBER: 1153792 REPORT OF THE TRusfEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR WARLEY MODEL RAILWAY CLUB (Charitable Incorporated or8anisation) J W Hinks LLP Chartered Accountants 19 Hlghfield Road Edgbaston Birmin8ham West Midlands B15 38H
WARLEY MODEL RAILWAY CLUB CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Ito6 Independent Examlner's Report statement of Financial Attivities Balance Sheet 9tolO Notes to the Financial Statements Ilto19
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report wlth the financlal statements ofthe charity for the year ended to 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing their accounts In accordance with the Financial Reportlng Standard appllcable in the UK and the Republic of Ireland IFRS 102) (effective January 20151. INCORPORATION The charitable incorporated organisation was incorporated on 12 September 2013. REFERENCE AND ADMINISTRATIVE DAlLs Registered Charity number 1153792 Re8lStered office 19 Highfield Road Edgbaston Birmingham West Midland5 B15 3BH Principal address Unit IF Pearsall Drlve Oldbury Warley West Midlands B69 2RA Trustees A Turner POHJones D F Crawford Iresigned 1919/231 JCHall R Henworth S R Scott R Hodge C W Morris M J Hill (appointed 19191231 Independent examiner Kirsty Jackson BA (Honsl FCCA ACA J W Hinks LLP Chartered Accountants 19 Highfield Road Edgbaston Birmingham West Midlands B15 3BH Pa8e I
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Purposes and Alms The objects of the Club are as deflned in clause 3 of the Constltution -to advance public education and foster a general interest in railways, model railways and allied pursults and in particular to encourage a high standard of modelling amongst its members" Governance The governing document of Warley Model Railway Club CIO is the Constitution; this 15 SUPPOrted by club rules {Byelawsl. The charity is constituted as a club. Membership of the Club is open to anyone who is interested in furthering its purposes, and who, by applying for membership, has indicated his or her agreement to become a member on acceptance of the duty of members set out in the constitution. The charity is run by the board of Trustees who are elected by the membership for a period of two years after which the trustee may stand for further re-election in accordance with the constitution. There is a minlmum of three trustees In accordance with the constitution; these are specific elected post holders in the club as specified in the byelaws. There are currently eight trustees by decision of the members, this includes five non post holdin8 trustees. Mr. Matthew Hill was appolnted as a trustee at the 2023 Annual General Meetln& whilst David Crawford stood down as a trustee. The Trustees thank David for hls help and contributlons to the running of the Club whilst being a trustee. The club has a subsidiary company set up to run an annual exhibition. The directors of that company are two post holder trustees Ichairman, and Secretary) and two other directors one of whom is not a trustee so as to avoid situations where a conflict of interest could arise. The remainlng trustees may attend the meetings and assist the directors with thelr decisions. The trustees are supported by an elected commlttee who receive reports from the trustees and a financial update at each meeting. All posts within the club, both formal and Informal, are voluntary and In accordance with the constitution and bye laws subject to re*lection at set periods, whith means not all trustees are subject to electlon at the same tlme. Recruitment and appolntment of new trustees. As set out in the charitvs constitution and byelaws trustees are appointed by the board of trustees. The byelaws specify three club officer posts where the post holder is a trustee. The selection is by election. In additlon. currently four other trustees are elected from the membership. New trustees are appointed at the first meeting of the trustees after election. On being elected new trustees are given detailed information of the finances and provided with copies of the documents which set out the operation framework for the charity and the current financial position as set out in the latest published accounts. Ifthere is short period between election and appointment. we have found it useful for new trustees to attend meetings as observers during the interim. Rlsk Management The trustees have a duty to identify and review the risks to which the organisation may be exposed to and ensure appropriate controls are in place to provide reasonable assurance against fraud and error. This is completed by ongoing revlew of artivities of the charity, a551sted by the elerted members of the commlttee. To asslstthe committee members thetrustees have set outforthe commlttee member5 when consideringclub activities how they meet the objectives. Page 2
WARLEY MODEL RAILWAY CLUB REPORTOFTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees have reviewed all the CIO policies and have considered those that cover financial rlsks and general management ofthe CIO. The revlews take place at the beglnning of each year. The following policles are in place and were reviewed In February 2023, and amendments made where considered necessary: Risk Management Statement Loan Member Clubroom Access Pollcy Equal Opportunltles Policy Investment Policy Vulnerable Persons Pollcy Whistle Blowlng Policy Provision of Informatlon Policy Privacy, Cookie and Fair Processlng Policy Minor Payments Policv Finance CIO policy Adult and Student members Codes of behavlour Chlld Protection Pollcy, includes safeguarding Coronavlr¢Js Policy The trustees have considered the General Data Protectlon Regulations and have put into place policies which follow guidelines and the General Data Protection Re8ulations. We wlll continue to Implement changes to policy as required by regulation change5. Any change5 will be dlscussed by the committee. Focus of our actlvltie5. It is pleaslng to report that, followln8 2 years durln8 which the activities of the Club were severely curtailed by the coronavirus pandemic, the Club returned to normal activities. The maln activities of Warley Model Rallway Club C.l.O are to provide the facility for member5 to follow the hobby of railway modelling. The club is arran8ed 50 there are informal autonomous groups that work on specific projects. All club projects must be approved by the club committee which includes the trustee5. That group also has oversight of the expenditure on such projects and must give its approval. The club continues to develop it5 YouTube channel,, the channel Currently has over 4,20012023 4, 1001 subscribers. We use the channel to showcase club and exhibition activities, to share skills and knowledge and to encourage growth within the hobby. Through the YouTube community we try to reach out to like-mlnded individuals and 8roup5, to encourage the sharln8 of skills and knowled8e. We have formed relationships with several groups to support the communities withln the hobby and spread the word of the club and Its activities. The Club also supports a Facebook and Instagram page upon whlch activities of the Club and its members are regularlv posted. There are currently in excess 5,80012023 4,9001 followers of the Facebook page and 7,00012023 - 7,0001 followers on the Instagram page. The Club has also created a new Facebook page120241, following a change in exhibition venue location that presently has 700 followers. In addition to activltles at the Club, members contlnue to be active with thelr rallway modelling at home, often sharing progress with fellow members uslng email, Zoom and the like. Members own modelling projects are often bought to the Clubroom where discussion takes place on the techniques used in thelr construction from which all members can learn. We held 2 free to enter open days in the clubrooms so that interested visitors can see the work of the club and its members. Often these days result in new members joining the club. Page 3
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Publlc Beneflt The trustees have had regard to the guidance issued by the Charlty Commission on public benefit. The public benefit is to the club members permitting them to follow their hobby with the support of the club. Membership is not restricted in any way except members are expected to have an interest in railway modeling. The public benefit is also to members of the public who attend exhibitions or events and to the members of other clubs and organizations who can borrow our equipment and use our clubrooms for meetings. The public are a150 able to view our instructional videos and postings on both our YouTube and Facebook channels How we delivered publlc benefit. The objectives of the charity are promoted by the provision of facilitie5 for the club mernbers, exhibiting models at our own and other exhibitions and club open days, and by providing support for clubs and associations with similar interests. The traditional activities of the Club comprise the artivltles set out below: We are ableto quantify the number of clubs, socletie5 etc. we havegiven supportto and to a lesser degreethe number of people who have benefitted from our club open days but there is no means of measuring the total number of people who have benefltted from all actlvlties that promote the club objectives. Groups and indivlduals wlthin the club declde whether they will attend a particular event to exhibit club owned models, the trustees retain a veto on such attendances if they, In consultation wlth the club committee, think such attendance is inappropriate. This veto has, to date, not been invoked. We have no control over individual's activlties whlch do not utilize club facllltles but where members purport to represent the club they are encouraged to consider the club objectives. We held our annual exhibltlon at the National Exhibitlon Centre returned in November 2023. Thls was our second exhibition following our enforced absence during 2020 - 2021. The exhibition attracts visitors who are committed railway modelers together wlth those on the fringe of the hobby. They enjoy a wide varlety of working model railway layouts, a lar8e cross selection of trade manufacturers to the hobby, including the major manufacturers, and can improve their modelling techniques by engaging wlth demonstrators of model railway techniques. The exhibition is a major fund raising activity for the Club. The clubrooms are normally available for members to use at any time provided a key holder is available for access. Our library is available for the use of members and the publlc by appointment and is a valuable research tool for modelling projects. During the year a new disabled and wheelchair access door was installed which gives a greater ease of access to the Club rooms. The club maintains points of contact through social networks and our web site. These act as a means of advertising our organization but are also a means of contact for questions about our hobby. We can do this through volunteers from amongst the members who undertake maintenance of the network5 together with the support of the library and the knowledge of members who we can call upon for their expertise to respond to queries. Other Activities A5 part of their ongoing responslbilities, the trustees and elected members of the club committee consider ways to further the objects of the club and to consider a 'strategy' for the future. A sub commlttee has been formed to consider possible ways forward which will be put to the Club committee, Trustee5, and members in due course. Page 4
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Club has continued to publish its quarterly members magazlne 'Screwlink' and the Chairman has produced a monthly newsletter enabling both local and national members to keep In touch with the Club. This was particularly important during the periods of lockdown with restrlcted acce55 to the Clubroom. The Club has been able to assist and support the following likemlnded organisations during the year with either members direct assistance, use of Club facllitles, or with the loan of Club owned equlpment- European Railways Association. Stafford Railway Circle, Sutton Coldfield Railway Society, The Severn Valley Railway, The Scaleseven Society and the Statfold Narrow Gauge Museum Trust. The Club also supported the Primrose Hlll Community Church- Netherton, Dudley at their Christmas Fayre and also Christchurch the Quinton at their Coronation Fete. The trustees thank all members of the Club for their ongoing support for all Club activities throughout the year. Financial Revlew Principle Sources. The principal sources of funds are membership fees and the annual exhibltlon. Membership has remained static throughout the year under review. Our annual exhibition Is the maln fund-raising effort run by our wholly owned subsidiary company set up for the purposes. There has been a grant to the charity from thls source following our 2023 show. Reserves Pollcy The Club intends to retain sufficient reserves to enable the club to contlnue to function for a S-year period should the grant income be withdrawn. At approximately £25,000 p.a. expenses over income without any grant income, this requires £125,000 to be retained in reserves. This wlll enable the club to continue its charitable activities whilst it explores alternative forms of funding to replace the grants currently enjoyed. Investment Policy The object of any Investment activity will be to maintain the capital value of the assets of Warley MRC, whilst maximizing the income return having regard to the attitude to rlsk. The Trustees consider that It is generally appropriate to adopt a low-risk policy which will be further evaluated in relation to any investment policy. The statement of Financial Activity for the year ended 31 March 2024 shows Incomlng resources of £43,12912023 £65,753) and resources expended of £55,374 (2023 £48,105). Net outgoing resources for the period ended 31 March 2024 amounted to £12,24512023 net incoming resources £17,648}. Funds held as custodlan for others The charity has no funds held as custodian trustee or on behalf of others. Page S
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENTOF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statement5, the trustee5 are required to: select Sultable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, Subject to any material departure5 disclosed and explained in the financial 5tatementS; prepare the financial statements on the golng concern basis unless it 15 inappropriate to presume that the charity will continue in operation. The trustees are responslble for keeplng proper accountin8 record5 that disclose with reasonable accuracy at any time the financlal position of the charity and enable them to ensure that the financlal statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. ON BEHALF OF THE BOARD., The fi ancl I statements were approved by the Board of Trustees on 2 July 2024 and were signed on its behalf by.. ner Trustee Page 6
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF WARLEY MODEL RAILWAY CLUB I report on the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages eight to seventeen. Responsibllltles and basls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charitls accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl 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 giving me cause to believe that in any material respect- (i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or 121 the accounts do not accord with those records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thls report in order to enable a proper understandlng of the accounts to be reached. Kirsty Jackson BA (Honsl FCCA ACA J W Hinks LLP Chartered Accountants 19 Highfield Road Edgbaston Birmingham West Midlands B15 38H 2 July 2024 Page 7
WARLEY MODEL RAILWAY CLUB srATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2024 2024 2023 Unrestrlcted Funds Restrlcted Funds Total Fund Total Fund Notes INCOME AND ENDOWMENTS Donations and legacies Charitable actlvlties 22,456 123 22,579 47,936 Charitable activities 18,609 18.609 17,566 Investment income Investment Income 1,939 1,941 251 Total Income 43,CQ4 125 43,129 65,753 EXPENDITURE Charitable actlvltles Cost of charitable actlvlties 951 951 737 Support costs Grants payable Total expendlture 52.475 52,475 46,308 1,948 1.948 1,060 55,374 55,374 48,105 NET INCOME/{EXPENDITURE) 112,3701 125 112,2451 17,648 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 188,176 148 188,324 170,676 TOTAL FUNDS CARRIED FORWARD 175,806 273 176,079 188,324 Page 8
WARLEY MODEL RAILWAY CLUB BALANCE SHEET AT 31 MARCH 2024 20Z3 Total 2024 Total Funds Funds Restrlcted Fund Unrestrfcted Fund Notes FIXED ASSETS Tangible assets Investments 34,018 I,ooo 34,018 1,000 34,337 1,000 35,018 35,018 35,337 CURRENT ASSETS Debtors Cash at bank and in hand io 2,467 144,188 2,467 144,461 2,360 156,346 273 146,655 273 146,928 158,706 CREDITORS Amounts falling due wlthin one year li 15,8671 15,8671 15,7191 NET CURRENT ASSETS 140,788 273 141,061 152,987 TOTAL ASSETS LESS CURRENT LIABIUTIES 175,806 273 176,079 188,324 NET ASSETS 175,806 273 176,079 188,324 FUNDS Unrestricted fund Restricted fund 13 175,806 273 188,176 148 TOTAL FUNDS 176,079 188,324 Page 9
WARLEY MODEL RAILWAY CLUB BALANCE SHEET- CONTINUED AT 31 MARCH 2024 The charitable incorporated organlsation is entltled to exemption from audit under Section 14412} of the Charitles Act 2011 for the year ended 31 March 2024 The members have not requlred the charitable incorporated organisatlon to obtain an audit of its financial statements for the year ended 31 March 2024 The trustees acknowledge their responsibilitles for: lal ensuring that the charitable Incorporated organisation keeps accountlng records that comply with Section 130 of the Charities Act 2011 and {bl preparing financial statements which give a true and falr view of the state of affairs of the charitable incorporated organisation as at the end of each financlal year and of Its surplus or deficit for each financlal year in accordance with the requlrement5 of the Charities Act 2011. The financlal Statements were approved by the Board of Trustees on 2 July 2024 and were signed on its behalf bv; J C Hall -Trustee Page 10
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financlal statements of the charltable incorporated organisation, whlch is a public benefit entlty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRSI leffectlve l January 20151,, Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and Charities Act 2011. The financial statements have been prepared under the historical cost conventlon. FINANCIAL REPORTING STANDARD 102- REDUCED DISCLOSURE EXEMPTIONS The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 Yhe Flnancial Reportlng Standard applicable in the UK and Republic of Ireland,: The requirements of Section 7 Statement of Cash Flows. INCOME All incoming is recognised in the Statement of Financial Activities once the charlty has entitlement to the funds, It is probable that the income wlll be received and the amount can be easily measured reliably. EXPENDITURE Liabilities are recognised as expenditure as soon as there is a legal or constructive obllgation committing the charitv to that expenditure, It Is probable that a transfer of economic benefits will be required in a settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basls 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 activities on a basis consistent wlth the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. TANGIBLE FIXED ASSETS Depreclation is provlded at the following annual rates in order to wrlte off each asset over its estimated useful life, Leasehold property Fixture and fittings 5% on cost 20% on cost TAXATION The charity is exempt from corporation tax on its charitable activities. Page 11
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontlnued) FUND ACCOUNTING Unrestricted funds can be used in accordance with the charitable objectives at the dlscretion of the trustees. Restricted funds can only be used 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 explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 12
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 tKINATIONS AND LEGACIES Unrestricted Restrlcted 2024 2024 Total 2023 Donatlons 21,109 123 21,232 46,406 Gift ald 1,347 1,347 1,530 22,456 123 22,579 47.936 INCOME FROM CHARITABLE AcfiviTIES Unrestrlcted Restricted Total 2023 Membershlp Income Full membership Student membership Associate membership 10,636 10,636 273 10,748 338 273 2,052 2,052 1.955 Other Income Refreshment sales 1,544 4,104 18,609 1,544 1,201 Sundry sales 4,104 3,324 17,566 18,609 INVESTMENT INCOME AND GOVERNMEf+lT GRANTS Unrestrlrted Restricted Total 2023 Bank interest receivable 1,939 1,941 251 Page 13
WARLEY MODEL RAILWAY CLUB NOTESTO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 COSTS OF CHARITABLE AcfiviTIES 2024 2024 2024 Unrestrlcted Restricted Total 2023 DIREcf COSTS Screwlink magazine costs Library costs 651 651 538 300 300 199 951 951 737 Unrestrlcted Restrlcted Total 2023 SUPPORT COSTS Postage and stationery Rent 255 255 172 19,686 19,686 19,686 Insurance 2,721 6,405 3.883 2,721 2,475 6,266 Light and heat Rates 6,405 3,883 3,380 654 Telephone Sundries 751 751 3,667 7,104 2,823 3,480 3,667 3,630 7,545 900 Depreciation of tanglble flxed assets Repairs and maintenance Professional fees 7,104 2,823 3,480 Examlners fee 1,700 1,700 1,600 52,475 52,475 46,308 Page 14
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 GRANTS PAYABLE Charitable activities 60 During the year, a donation of£300 was made to Macmillan {2023= NIL). £60 in donations were made from Hardship Fund in 2023 - £nil durin8 2024. During the year ended 31 March 2024 the charity made the following grants to institutions in order to contribute towards the advancement of public education and to foster a general interest in railways. model railways and allied pursuits and to encourage a high standard of modelling. 2024 2023 Severn Valley Rallway Trust RNLI 550 98 Wyre Forest MRC Cradley Heath MRC Sollhull MRC 250 250 250 250 250 250 Sutton Coldfield RS 250 250 1,648 1,000 Page 15
WARLEY MODEL RAILWAY CLUB NOTESTO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for theyear ended 31 March 2024 nor forthe period ended 31 March 2023. TRUSTEES, EXPENSES There were no trustees, expenses pald for the year ended 31 March 2024 nor for the period ended 31 March 2023. TANGIBLE FIXED ASSETS Leasehold Buildlng improvements Fixtures & flttlngs Totals cosr At l April 2023 Additions 45,520 36,536 6,785 82,056 6,785 Disposals At 31 March 2024 45,520 43,321 88,841 DEPRECIATION At l Aprll 2023 Charge for year Eliminated on disposal 19,823 2,276 27,896 4,828 47,719 7,104 At 31 March 2024 22,099 32,724 54,823 NET BOOK VALUE At 31 March 2024 23,421 10,597 34,018 At 31 March 2023 25,697 8,640 34,337 Page 16
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSET INVESTMEKrs The investment of £1,000 represents ICM)% of the share capital of Warley MRC Exhibitions Ltd that is owned by the charity. The register company number of Warley MRC Exhibitions Ltd is 02728388. The principal activity of Warley MRC Exhibitions Limited is that of exhibition management. The results of Warley MRC Exhibitions Ltd are as follows-. 2024 2023 Turnover 379,872 (356,714) 365,038 Expenditure 1350,1701 Profit/{loss) 23,158 14,868 Net assets 427,553 409,328 io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments 2,467 2,360 2,467 2,360 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 290 270 Accruals and deferred income 5,577 5,449 5,867 5,719 Page 17
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 12. OPERATING LEASE COMMITMENTS Future minimum lease payments under operating leases.. 2024 2023 Due in one year Due in two to five years 9,082 9,082 13. MOVEMENT IN FUNDS Net movement In funds At 1.4.23 At 31.3.24 Unrestrlcted funds General fund 188,176 148 112,3701 125 175,806 273 Restricted fund TOTAL FUNDS 188,324 112,2451 176,079 Net movement in funds, included in the above are as follows.. Incomlng resources Resources expended Movement in funds Unrestrlcted funds General fund Restricted fund 43,004 125 155,3741 112,3701 125 TOTAL FUNDS 43,129 155,374) 112,245} Purpose of unrestrirted funds General fund This fund represents the free funds of the charity that are not designated for particular purposes. Restricted fund This fund represents the members, hardship fund Page 18
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 IS. RELATED PARTY DISCLOSURES Warley MRC Exhlbltions Limlted Warley MRC Exhibitions Limlted is a l(M)% subsidiary of the charity. During the year, the charity paid rent of £19,500 (2023- £19,500) to Warley MRC Exhibitions Limited. 16. ULTIMATE CONTROLLING PARTY The charity is controlled by the trustees as listed in the Report of the Trustees. Page 19