REGISTERED CHARITY NUMBER: 1153792 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR WARLEY MODEL RAILWAY CLUB (Charitable incorporated organi5ation) J W Hinks LLP Chartered Accountants 19 Highfield Road Edgbaston Birmingham West Midlands BIS 38H
WARLEY MODEL RAILWAY CLUB CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustee5 Ito6 Independent Examiner's Report Statement of Financial Activities Balance Sheet 9tolO Notes to the Financial Statements Ilto19
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report with the financial statement5 of the charity for the year ended to 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing theii accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 leffective January 20151. INCORPORATION The charitable incorporated orEanisation was incorporated on 12 September 2013. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1153792 Registered office 19 Highfield Road Edgbaston BirminEh3m West Midlands B15 3BH Principal address Unit IF Pearsall Drive Oldbury Warley West Midlands B69 2RA Trustees A TL+rner P O H Jone5 Ire5igned 1112125) D B Childs lappointed 1112125} J C Hall R Henworth (resigned 121111241 S R Scott R Hodge C W Morris (resigned 10191241 M J Hill Page I
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Independent examiner Kir5ty 13ckson BA (Honsl FCCA FCA J W Hinks LLP Chartered Accountants 19 Highfield Road Edgbaston Birmingham West Midlands B15 38H Purposes and Aims The objects of the Club ale as defined in clause 3 of the Constilution "to advance public education and foster a general interest in railways, model railways and allied pursuit5 and in particular to encouraEe a high standard of modelling amon8St its members" Governance The Eoverning document of Warley Model Railway Club CIO is the Constitution: this is supported by club rule5 (Byelawsl. The charity is constituted as a club. Membership of the Club is open to anyone who is interested in fuithering 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 elerted 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 minimum of three trustees in accordance with the constitution,. these are specific elected post holders in the club as Specified in the byelaws. There 3re currently eight trustees by decision of the members, this includes five non post holding trustees. Mr. Daniel Childs was invited to join the Board of Trustees dufing the year. This is subject to ratification, by the member5 at the AGM. The club has a subsidiary company set up to run an annual exhibition. The directors of that company are two post holdèr trustees Ichairman, and Secretary) and two other directors one of whom is not a trustee so as to avoid 51tuations where a conflict of interest could arise. The remaining trustees may attend the meetings and assist the directors with their decisions. The trustees are supported by an elected committee who receive ieports 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-election at set periods, which means not all trustees are subject to election at the same time. Recruitment and appointmeni of new trustee5. As set out in the charity's constitution and byelaws trustees are appointed by the board of trustee5. The byelaws specify three club officer posts where the post holder 15 a tiustee. The selection is by election. In addition, currently four other trustees are elected from the membership. New trustees are appointed al 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. Paee 2
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 If there is short period between election and appointment, we have found it Useful for new trustees to attend meetings as observers during the inlerim. Risk 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. Thi5 is completed by ongoing review of activities of the charity. 355iSted by the elected members of the committee. To a55iSt the committee members the trustees haveset outfor the comfflittee members when considering club activities how they meet the objectives. The trustees have reviewed all the CIO policies and have considered those that cover financial risks and general management of the CIO. The reviews take place at the beginning of each year. The following policies are in p13ce and were reviewed in February 2025, and amendments made where considered necessarv.. Risk Management Statement Loan Member Clubroom Access Poliry Equ 31 Opportunities Policy Investment Policv Vulnerable Persons Policy Whistle Blowing Policv Provision of Information Policy Privacy, Cookie and Fair Processing Policy Minor Payments Policy Finance CIO policy Adult and Student members Codes of behaviour Child Protection Policy, includes safeguarding Coronavirus Policy The trustees have considered the General Dato Protection Regulations and have put into place policies which follow guidelines and the General Data Protection ReEulations. We will continue to implement changes to policy as required by regulation changes. Any changes will be discussed by the committee. Focus of our activities. The main activities of Warley Model Railway Club C.l.O are to provide the facility for members to follow the hobby of railwav modelling. The club is arranged so there are informal auionomous groups Ihat work on specific projects. All club projects mLSSt be approved by the club committee which includes the trustees. That group also ha5 oversight of the expenditure oll such Pfojects and must give its approval. The club continue5 to develop its YouTube channel- the channel currently has over 4,200 subscribers. We use the channel to showcase club and exhibition activities, to share skills and knowledge and to encourage growth within the hobby. Page 3
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Through the YouTube community we try to reach out to like-minded individuals and groups, to encourage the sharing of skills and knowledge. We have formed relationships with several groups to support the communities within the hobby and spread the word of the club and its activities. The Club also 5upport5 a Facebook and Instagram page upon which activities of the Club and its members are regularly posted. There are currently in excess 5,800 followers of the Facebook page and 7,000 lollowers on the Instagram paEe. The Club has also created a new Facebook page12024I. following a change in exhibition venue location that presently has 700 followers. In addition to activities at the Club, members continue to be active wilh their railway modelling at home, often Sharing progress with fellow member5 using email, Zoom and the like. Members own modelling projects are Dften bought to the Clubroom where discu55ion takes place on the technique5 used in their construction from which all members can lèarn. We held 2 free to enter open days in the clubroom5 50 that interested visitors can see the work of the club and its members. Often these days result in new members joining the club. Public Benefit The trustee5 have had regard to the guidance issued by the Charity 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 lo have an interest in railway modeling. The public benefit is 8150 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 also able to view our instructional videos and postings on both our YouTube and Facebook channels How we delivered public benefit. The objectives of the charity are promoted by the provision of facilities for the club members, exhibiting models at our own and other exhibition5 and club open days, and by providing support for clubs and associations with similar interests. The traditional activitie5 of the Club comprise the activities Set out below- We are able to quantify the number of clubs. societies etc. we have given support to and to a lesser degree the number of people who have benefitted from our club open day5 but there is no means of measuring the total number of people who have benefitted from all activities that promote the club objectives. Groups and individuals wiihin the club decide whether they will attend a particular event to exhibit club owned models. the trustees retain a veto on such attendance5 if they. in consultation with the club committee, think such attendance 15 inappropriate. This veto has, to date. not been invoked. We have no control over individual's activities which do not utilize club facilitie5 but where members purport to represent the club they are encouraged to consider the club objectives. Page 4
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2025 We held our annual exhibition at the Statfold Narrow Gauge Museum Trust {3150 a registered Charityl situated at the Statfold Country Park ot Tamworth in October 2024. This was our first Exhibition following our decision to cease to hold the exhibition at the NEC. The exhibition attracts visitors who are committed railway modeler5 together with those on the fringÈ of the hobby. They enjoy a wide variety of working model railway layouts, a large cross selectior) of trade manufacturers to the hobby, including the major manufacturer5. and can improve their modelling techniques by engaging with demonstrators of model railway techniques. The exhibition 15 a substantial fund-raising activity for the Club. The clubrooms are normally available for members lo use at any time provided a key holder is available for acce55. Our library is available for the use of members and the public 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 greater ease of access to the Club rooms. The club maintains points of contact through social network5 and our web site. These act as a means of advertising our organization but are z150 a mean5 of contact for queslions about our hobby. We can do this through volunteers from amongst the members who underlake Maintenance of the networks together with the support of the library and the knowledge of members who we can call upon for their expert15e to respond to queries. Other Activities As part of their ongoing rospon5ibililies, the tru5tee5 and elected members of the club committee consider ways to further the objects of the club and to con5idei a 'strategy' for the future. A sub-committee has been formed to consider possible way5 forward which will be put to the Club cotnmittee. Trustee5, and rnembers in due course. The Club has continued to publish it5 quarterly member5 magazine 'Screwlink' and the Chairman has caused to be produced a mDnthly newsletter enabling both local and national members to keep in touch with the Club. This wa5 particularly important during the periods of lockdown with restricted access to the Clubroom. The Club h35 been able to assist and support the lollowing likominded organisations during the year with either rnembers direct assistance, use of Club facilities, or with the loan of Club owned equipment- European Railways Association. Stafford Railway Circle, Sutton Coldfield Railway Society, The Severn Vallèy Railway, The Scale-seven Society and The Statfold Narrow Gauge Museum Trust. The Club also supported the Primrose Hill Community Church Netherton, Dudley at their Christmas Fyre, Christchurch the QLJinton at their Coronatior) fete and Macmillan Cancer at our coffee morning. The trustees thank all members of the Club for their ongoing sUPPOrt for all Club activities throughout the year. Financlal Review Principle Sources. The principal Sources of funds are membership fees. and the annual exhibition. Membership has remained static throughout the year under review. Our annual exhibition 15 the main fund-raising effort run by our wholly owned subsidiary company set up for the purposes. There ha5 been a grant to the charity from this Source following our 2024 show. Page 5
WARLEY MODEL RAILWAY CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy The Club intends to retain suff icient reserves to enable the club to continue to function for a 5-year period should the grant income be withdrawn. At approximately £25,000 p.a. expenses over income without any grant income. this requires £12 5.000 to be retained in reserves. This will 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, vvhi15t maximizing the income return having regard to the attitude to risk. 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 2025 shows incoming resources of £4 1.245 (2024 £43,129) and resources expended of £54.308 (2024 £55.374). Net outgoing resources for the period ended 31 March 2025 amounted to £13.063 (2024 net outgoing resources £12.245). Funds held as custodian for others The charity has no funds held as custodian trustee or on behalf of other5. ON BEHALF OF THE BOARD: The financial statements were approved by the Board of Trustees on 1 ju 2025 and were signed on it5 behalf by= A Tur Page
INDEPENDENT EXAMINER'S REPORTTOTHE 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 2025 which are set out on pages eight to seventeen. Responsibilities and basi5 of report As the charity'5 trustees you are responsible for the preparation of the 3ccounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity s accounts carried out under section 145 of the Act and in carrying out my examination I h3ve followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any material respect-. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the account5 do not accord with those records. I have no concerns and have come across no other mattels in connertion with the Èxamination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kirsty Jackson BA (Honsl FCCA FCA J W Hinks LLP Chartered Accountants 19 Highfield Road Edgbaston Birmingham West Midlands B15 3BH l July 2025 Page 7
WARLEY MODEL RAILWAY CLUB STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2025 2025 2024 Unrestrided Funds Restricted Funds Total Fund Total Fund Notes INCOME AND ENDOWMENTS Donations and legacies Charitable activities 20,951 97 21,048 22.579 Charitable activities 16.251 16.251 18.609 Investment income Investment income 3.942 3.946 1,941 Total Income 41,144 ioi 41,245 43,129 EXPENDITURE Charitable activities Cost of charitable activities 1,315 1,315 9SI Support costs Grants payable 52,356 132 52,488 52,475 505 505 1,948 Total expenditure 54,176 132 54,308 55,374 NET INCOMEIIEXPENDITUREI 113,0321 1311 113,0631 112,2451 RECONCILIATION OF FUNDS TOTAL FUNDS 8ROUGHT FORWARD 175,806 273 176,079 188,324 TOTAL FUNDS CARRIED FORWARD 162.774 242 163,016 176,079 P3ge 8
WARLEY MODEL RAILWAY CLUB BALANCE SHEET AT 31 MARCH 2025 2024 Total 2025 Total Funds Funds Re5trirted Fund Unrestricted Fund Notes FIXED ASSETS Tangible as5et5 Investments 30.339 1,000 30,339 1,000 34,018 1,000 31,339 31,339 35,018 CURRENT ASSETS Debtors Cash at bank and in hand io 2,704 136.259 2.704 136,501 2,467 144,461 242 138,963 242 139.205 146,928 CREDITORS Amounts falling due within one year li 17.5281 17,5281 15,8671 NETCURRENT ASSETS 131,435 242 131,677 141,061 TOTAL ASSETS LESS CURRENT LIABIUTIES 162,774 242 163,016 176,079 NET ASSETS 162,774 242 163.016 176,079 FUNDS Unrestricted fund Restricted fund 13 162,774 242 175,806 273 TOTAL FUNDS 163.016 176,079 Page 9
WARLEY MODEL RAILWAY CLUB BALANCE SHEET - CONTINUED AT 31 MARCH 2025 The charitable incorporated organisation is entit]ed to exemption from audit under Section 144(2) of the Charities Act 2011 for the year ended 31 March 2025 The members have not required the charitable incorporated organisation to obtain an audit of its financial statements for the year ended 31 March 2025 The trustees acknowledge their re5POnsibilities for: (a) ensuring that the charttable incorporated organisation keeps accounting records that comply with Section 130 of the Charities Act 2011 and (b) prepariTrg financial statements which give a true and fair view of the state of affairs of the charitable incorporated organisation as at the end of each financial year and of its surplus or def icit for each financial year in accordance with the iequirements of the Charities Act 2011. The f inancial statements were approved by the Board of Trustees on 1 July 2025 and were si9ned on its behalf by.. J C Hall -Trustee Page 10
WARLEY MODEL RAILWAY CLUB NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIE5 BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the charitable incorporated organisation. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and RepDrtinE by Charities: Statement of Recommended Practice applicable to charities proparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRSI leffective l January 20151,, Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic ol Irelarnd, and Charities Act 2011. The financial statements have been prepared under the historical cost convention. FINANCIAL REPORTING STANDARD 102- REDUCED DISCLOSURE EXEMPTIONS The charity has taken advantage of the followinE disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: The requirements of Section 7 Statement of Cash Flows. INCOME All incoming is recogni5ed in the Statement of Financial Activitie5 once the charity has entitlement to the funds, It is probable that the income will be received and the amount Cdn be easily measured reliablv. EXPENDITURE Liabilities are recognised a5 expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in a settlement and the moLJnt of the obligation can be measured reliably. Expenditure is accounted for on an accruals basi5 2nd ha5 been classified under headings that aEgregate all cost related to the iate8ory. Where costs cannot be directly attributed to particular headings they have been allocated to activitie5 on a basis consistent with the use of resource5. 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 Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Leasehold property Fixture and fittinES - 5% on c05t - 20% on cost TAXATION The charity is exempt from corporation tax on it5 charitable activities. Page 11
WARLEY MODEL RAILWAY CLUB NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES {continued) FUND ACCOUNTING Unrestficled funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes Wlthin 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 ineluded in the note5 to the financial statements. P38e 12
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL sfATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES Unrestricted Restricted 2025 2025 Total 2024 Donations 19,547 97 19.644 21,232 Gift aid 1.404 1,404 1,347 20,951 97 21.048 22,579 INCOME FROM CHARITABLE A1VITIEs Unrestrirted Restricted Total 2024 Membership income Full membership Student membership Associate membership 10,539 10,539 10,636 285 285 273 1.645 1.645 2,052 Other income Refreshment sales 1.460 1,460 1,544 Sundry sales 2,322 2,322 4,104 16,251 16,251 18,609 INVESTMENT INCOME AND GOVERNMENT GRANTS Unre5trirted Re5trirted Total 2024 Bank interest receivable 3,942 3.946 1,941 Pa8e 13
WARLEY MODEL RAILWAY CLUB NOTESTOTHE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 COSTS OF CHARITABLE ACTIVITIES 2025 2025 2025 Unrestricted Restricted Total 2024 DIREcf COSTS Screwlink ma83zine cost5 Library costs 255 255 651 1,060 1,060 300 1.315 1.315 951 Unrestricted Restricted Total 2024 SUPPORT COSTS Postage and stationery Rent 85 85 255 19.686 19,686 19,686 Insurance 2,903 2.903 2,721 6,405 Light And heat 7.317 7.317 Rates 4,480 4,480 3,883 Telephone Sundries 878 878 751 3,204 132 3,336 3,667 Depreciation of tangible fixed assets Repairs and maintenance Professional fees 7.064 7,064 7,104 4,214 4.214 2,823 725 725 3,480 Examiners fee 1,8(X) 1,700 52,356 132 52.488 52,475 Page 14
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 GRANTS PAYABLE During the year. a donation of £255 was made to Macmillan12024.. £3001. During the year ended 31 March 2025 the charity made the following grant5 to institution5 in order to contribute towards the advancement of public education and to foster a Eeneral interest in railways. model railways and allied pursuits and to encourage a high standard of modelling. 2025 2024 Sevorn Valley Railway Trust RNLI 550 98 Wyre Forest MRC Cradley Heath MRC Solihull MRC 250 250 250 sutton Coldfield RS 250 250 250 1.648 Page 15
WARLEY MODEL RAILWAY CLUB NOTES TOTHE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REMUNERATION AND BENEFtrs There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the period ended 31 March 2024. TRUSTEES, EXPENSES There were no trustees, expenses paid for the year ended 31 March 2025 nor for the period ended 31 March 2024. TANGIBLE FIXED ASSETS Leasehold Building improvements Fixtures & fittings Totals COST At l April 2024 Additions 45.520 43,321 3,386 88,841 3,386 Disposals At 31 March 2025 45.520 46.707 92,227 DEPRECIATION At l April 2024 Charge for year Eliminated on di5P05al 22,099 2,276 32,724 4.789 54,823 7,065 At 31 March 2025 24.375 37,513 61,888 BOOK VALUE At 31 March 2025 21,145 9,194 30.339 At 31 March 2024 23.421 10,597 34.018 Page 16
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 FIXED ASSET INVESTMENTS The investment of £l.000 represents 100% 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 managemerbt. The result5 of Warley MRC Exhibitions Lld are as follows= 2025 2024 Turnover 7,987 379,872 1356,7141 Expenditure 12,2531 Profit/l10551 5,734 23,158 Net 355ets 432,041 427,553 io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Prepayments 2,704 2,467 2,704 2,467 ii. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2025 2024 other creditors 280 290 Accruals and deferred income 7,248 5,577 7,528 5,867 Page 17
WARLEY MODEL RAILWAY CLUB NOTESTO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 12. OPERATING LEASE COMMITMENTS Future minimum lease payments under operating lea5es= 2025 2024 Due in oneyear Due in two to five year5 13. MOVEMENT IN FUNDS Net movement in funds At 1.4.24 At 31.3.25 Unrestricted funds General fund 175,806 273 113,0321 1311 162,774 242 Restricted fund TOTAL FUNDS 176.079 113.0631 176,079 Net movement in funds. included in the above are as follows: Incorning resources Resources expended Movement in funds Unrestrirted fund5 General fund Restricted fund 41,144 ioi 154,1761 11321 113,0321 1311 TOTAL FUNDS 41,245 154,3081 113,0631 Purpose of unrestiirted funds This fund represents the free fund5 of the charity that are not de518nated for particular purposes. Restricted fund Thi5 fund represents the members. hardship fund Pa8e 18
WARLEY MODEL RAILWAY CLUB NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDE031 MARCH 2025 15. RELATED PARTI DISCLOSURES Warley MRC Exhibitions Limited Warley MRC Exhibitions Limited is a 100% subsidiary of the charity. During the year, the charity paid rent of £19,50012024- £19,5C4)I to Warley MRC Exhibitions Limited. 16, ULTIMATE CONTROLUNG PARTY The charity is controlled by the trustees as listed in the Report af the Trustees. Page 19