**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.
Page 1
**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
Page 2
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
Page 3
## **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
Page 4
## **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
Page 5
**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|
||||
Page 6
continued...
**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.
Page 7
continued...
**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|
|---|---|---|
Page 8
continued...
## **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.
Page 9
**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|
|---|---|---|
This page does not form part of the statutory financial statements
Page 10