REGISTERED CHARITY NUMBER: 1155210
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
LINCOLNSHIRE WOLDS RAILWAY SOCIETY
Weaver Wroot 28 Dudley Street Grimsby N E Lincolnshire DN31 2AB
LINCOLNSHIRE WOLDS RAILWAY SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
LINCOLNSHIRE WOLDS RAILWAY SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To advance education for public benefit the preservation, maintenance and operation of the preserved heritage railway known as the 'Lincolnshire Wolds Railway'.
Public benefit
In setting our objectives and planning our activities our trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and inparticular to its supplementary public benefit guidance on preservation and conservation.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees work closely with the directors of the Great Northern and East Lincolnshire Railway Limited, who operate the Lincolnshire Wolds Railway, to identify any work, projects or other activities that can be undertaken to improve, maintain or promote the railway and it's facilities.
These are then achieved through donations made from the charity's income and/or through the use of volunteer time from the trustees and members of the charity.
Charitable activities undertaken at the heritage railway during the year have included donations towards construction materials for the extension of the trackbed towards Louth, a destination on this route originally. This is part of a larger project called 'Tracks to Louth'. Work on this project has been aided by a sizeable donation received by the charity during the previous year specifically towards this cause. The charity continues to have responsibility for fundraising for and administering this project.
FINANCIAL REVIEW
Reserves policy
The charity has no regular ongoing financial commitments and therefore does not need to retain a specific level of reserves.
Since its inception in 2013 the charity has seen significant increases in its income and fundraising continues to be a priority. During the year the charity's principal fundraising activities were the '200 Club', car boot sales and selling of the Society's books.
During the 2017 year the trustees completed a review of the charity assets and noted that assets donated to the charity over a number of years had not been reflected in the financial statements.
The trustees arranged for an independent valuer to inspect and value the assets. The assets were included as additions during the year at retail value of £104,900 with a corresponding entry being included in donations.
Reserves available for future projects total £127,129 of which £90,786 are restricted and relate to the Tracks to Louth Appeal.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The existing trustees are permitted to appointment any person willing to act as a trustee during the year, subject to the maximum number of trustees. To be eligible for election at the AGM the charity must be given prior notice which is signed by a member entitled to vote and also by the proposed trustee showing their willingness to be appointed.
All trustees are required to retire at the AGM following their appointment but are eligible for re-election at the same AGM.
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
Under the rules of it's constitution the charity is required to have a minimum of three trustees and a maximum of 20. From these trustees the charity is also required to appoint a Chair, a Secretary and a Treasurer. Only a person who is a member of the charity can be elected as a trustee.
The elected trustees are known as the committee and are responsible for the management and administration of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1155210
Principal address
2 Yarborough Close Holton le Clay Grimsby N E Lincolnshire DN36 5ET
Trustees
N R Ventham Treasurer M Lynn J E Mimmack Secretary M Newham L H Penn Chairman G Arnold M J Bellini M Chapman D C Gilmour Mrs J K Coe K Lill (appointed 6.9.22)
Independent Examiner
Weaver Wroot 28 Dudley Street Grimsby N E Lincolnshire DN31 2AB
Approved by order of the board of trustees on 16 May 2023 and signed on its behalf by:
N R Ventham - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LINCOLNSHIRE WOLDS RAILWAY SOCIETY
Independent examiner's report to the trustees of Lincolnshire Wolds Railway Society
I report to the charity trustees on my examination of the accounts of Lincolnshire Wolds Railway Society (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the 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 Act and in carrying out my examination I have followed all 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 giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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.
Mr Scott Nixon
Weaver Wroot 28 Dudley Street Grimsby N E Lincolnshire DN31 2AB
16 May 2023
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 48,929 Other trading activities 2 2,303 Total 51,232 EXPENDITURE ON Raising funds 1,662 Charitable activities General Activities 37,881 Total 39,543 NET INCOME 11,689 RECONCILIATION OF FUNDS Total funds brought forward 115,440 TOTAL FUNDS CARRIED FORWARD 127,129 |
Restricted funds £ 42,640 - 42,640 - 20,475 20,475 22,165 68,621 90,786 |
2022 Total funds £ 91,569 2,303 93,872 1,662 58,356 60,018 33,854 184,061 217,915 |
2021 Total funds £ 123,555 2,815 126,370 1,446 81,059 82,505 43,865 140,196 184,061 |
|---|---|---|---|
The notes form part of these financial statements
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
BALANCE SHEET 31 DECEMBER 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 93,886 CURRENT ASSETS Stocks 6 3,943 Cash at bank and in hand 29,300 33,243 NET CURRENT ASSETS 33,243 TOTAL ASSETS LESS CURRENT LIABILITIES 127,129 NET ASSETS 127,129 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 16,812 - 73,974 73,974 73,974 90,786 90,786 |
2022 Total funds £ 110,698 3,943 103,274 107,217 107,217 217,915 217,915 127,129 90,786 217,915 |
2021 Total funds £ 96,807 4,315 82,939 87,254 87,254 184,061 184,061 115,440 68,621 184,061 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 16 May 2023 and were signed on its behalf by:
N R Ventham - Trustee
The notes form part of these financial statements
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as 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 settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis 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 with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Plant and machinery | - 20% on reducing balance and 2.5% on cost |
|---|---|
| Fixtures and fittings | - 20% on reducing balance and 10% on reducing balance |
| Computer equipment | - 25% on cost |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted 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 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.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Sales of books | 1,471 | 2,573 |
| Car Boots | 832 | 242 |
| 2,303 | 2,815 | |
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
5.
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Total EXPENDITURE ON Raising funds Charitable activities General Activities Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS COST At 1 January 2022 Additions At 31 December 2022 DEPRECIATION At 1 January 2022 Charge for year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Plant and machinery £ 110,384 18,350 128,734 13,845 4,586 18,431 110,303 96,539 |
Unrestricted fund £ 30,601 2,815 33,416 1,446 34,563 36,009 (2,593) 118,033 115,440 Fixtures and fittings £ 725 200 925 457 73 530 395 268 |
Restricted funds £ 92,954 - 92,954 - 46,496 46,496 46,458 22,163 68,621 Computer equipment £ 395 - 395 395 - 395 - - |
Total funds £ 123,555 2,815 126,370 1,446 81,059 82,505 43,865 140,196 184,061 Totals £ 111,504 18,550 130,054 14,697 4,659 19,356 110,698 96,807 |
|---|---|---|---|---|
During a previous year the trustees completed a review of the charity assets and noted that assets donated to the charity over a number of years had not been reflected in the financial statements.
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. TANGIBLE FIXED ASSETS - continued
The trustees arranged for an independent valuer to inspect and value the assets. The assets were included as additions during that year at retail value with a corresponding entry being included in donations.
6. STOCKS
| Stocks 7. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Making Tracks for Louth TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Making Tracks for Louth TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Making Tracks for Louth TOTAL FUNDS |
At 1.1.22 £ 115,440 68,621 184,061 Incoming resources £ 51,232 42,640 93,872 At 1.1.21 £ 118,033 22,163 140,196 |
2022 2021 £ £ 3,943 4,315 Net movement At in funds 31.12.22 £ £ 11,689 127,129 22,165 90,786 33,854 217,915 Resources Movement expended in funds £ £ (39,543) 11,689 (20,475) 22,165 (60,018) 33,854 Net movement At in funds 31.12.21 £ £ (2,593) 115,440 46,458 68,621 43,865 184,061 |
|---|---|---|
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Making Tracks for Louth TOTAL FUNDS |
Incoming resources £ 33,416 92,954 126,370 |
Resources Movement expended in funds £ £ (36,009) (2,593) (46,496) 46,458 (82,505) 43,865 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Making Tracks for Louth TOTAL FUNDS |
At 1.1.21 £ 118,033 22,163 140,196 |
Net movement in funds £ 9,096 68,623 77,719 |
At 31.12.22 £ 127,129 90,786 217,915 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Movement resources expended in funds £ £ £ |
|---|---|
| General fund | 84,648 (75,552) 9,096 |
| Restricted funds | |
| Making Tracks for Louth | 135,594 (66,971) 68,623 |
| TOTAL FUNDS | 220,242 (142,523) 77,719 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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LINCOLNSHIRE WOLDS RAILWAY SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME AND ENDOWMENTS Donations and legacies Membership Donations 200 Club (Transport) Raffle Coach trips Other trading activities Sales of books Car Boots Total incoming resources EXPENDITURE Other trading activities Opening stock Purchases Closing stock Charitable activities Advertising Donations 200 Club (Transport) Raffle Printing, postage & stationery Coach trips Sundries Repairs and Renewals Plant and machinery Fixtures and fittings Support costs Management Insurance Light and heat Fixtures and fittings Governance costs Accountancy and legal fees Total resources expended Net income |
2022 £ 4,741 71,283 1,670 7,413 6,462 91,569 1,471 832 2,303 93,872 4,315 1,290 (3,943) 1,662 78 40,053 1,400 595 770 6,397 343 1,632 4,586 - 55,854 904 865 73 1,842 660 60,018 33,854 |
2021 £ 5,534 109,259 1,658 7,104 - 123,555 2,573 242 2,815 126,370 4,867 894 (4,315) 1,446 70 70,845 2,095 593 1,042 - 130 1,334 3,069 43 79,221 854 384 - 1,238 600 82,505 43,865 |
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This page does not form part of the statutory financial statements
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