**REGISTERED COMPANY NUMBER: 08929040 (England and Wales)**
**REGISTERED CHARITY NUMBER: 1157665**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FOR**
**COLNE VALLEY RAILWAY PRESERVATION LTD**
Abacus Accountancy 105 Courtyard Studios Lakes Innovation Centre Braintree, Essex CM7 3AN
**COLNE VALLEY RAILWAY PRESERVATION LTD**
**CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021**
||Page|
|---|---|
|Report of the Trustees|1 to 2|
|Independent Examiners Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5 to 6|
|Notes to the Financial Statements|7 to 13|
|Detailed Statement of Financial Activities|14 to 15|
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
## **REPORT OF THE TRUSTEES**
**For the Year Ended 31 December 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006: present their report with the financial statements of the charity for the year ended 31 December 2021. 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 2015).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The objective of the charity is to preserve the section of the railway line: carriages, locomotives: engines, wagons for use on the line and the preservation of the surrounding area. The charity is controlled by its governing document, a memorandum and articles of association dated 7 March 2014, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Company number**
08929040 (England and Wales)
**Registered Charity number** 1157665
## **Registered office**
Yeldham Road Castle Hedingham Halstead Essex CO9 3DZ
## **Trustees**
E H Bailey (to 18[th] February 2021) T A Cooper P W Lemon S Lemon S Halls G Hall G Claydon
P W Lemon is a Chair of the charity. **Company Secretary** Ms S B Halls
**Independent examiner** Abacus Accountancy 105 Courtyard Studios Lakes Innovation Centre Braintree, Essex CM7 3AN
1
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
**REPORT OF THE TRUSTEES For the Year Ended 31 December 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Bankers**
Barclays Bank Plc Leicester Leicestershire LE87 2BB
Approved by order of the board of trustees on …………. and signed on its behalf by:
P W Lemon - Trustee
2
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLNE VALLEY RAILWAY PRESERVATION LTD**
**Independent examiner's report to the trustees of Colne Valley Railway Preservation Ltd ('the Company’)** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act•. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Financial Accountants which is one of the listed bodies.
I have completed my examination, I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
## Paul Pritchard
Institute of Financial Accountants Abacus Accountancy 105 Courtyard Studios Lakes Innovation Centre Braintree, Essex CM7 3AN
3
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
**STATEMENT OF FINANCIAL ACTIVITIES**
**for the Year Ended 31 December 2021**
|
Notes
**INCOME FROM**
Donations and legacies
Other trading activities
2
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
|U
|31.12.21
nrestricted
fund
£
65,681
10,116
152
3,172
79,121
59,407
1,450
60,857
18,264
1,969,836
1,988,100
|31.12.20
Total
funds
£
73,407
2,399
173
3
75,982
24,881
1,400
26,281
49,701
1,920,135|
|---|---|---|---|
||||1,969,836|
|||||
The notes form part of these financial statements
**4**
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
## **BALANCE SHEET**
|**At 31 December 2021**
**FIXED ASSETS**
Tangible assets
Heritage assets
Investments
**CURRENT ASSETS**
Debtors
Cash at bank
**CREDITORS**
Amounts falling due within one year
**NET CURRENT ASSETS/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**
Notes
7
8
9
10
11
14
|31.12.21
31.12.20
Unrestricted
Total
funds funds
£
£
1,914,041
1,799,778
337,884 342,384
4,387 4,387|
|---|---|
||2,251,112
2,146,549
17,569
4,865
50 2,828
17,619
7,693
(285,831)
(184,406)
(268,212)
(176,713)|
||1,988,100
1,969,836|
||1,988,100
1,969,836|
||1,988,100
1,969,836
1,988,100
1,969,836|
The notes form part of these financial statements
5
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
## **BALANCE SHEET - CONTINUED At 31 December 2021**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating charitable small companies.
The financial statements were approved by the Board of Trustees on …………… and were signed on its behalf by:
P W Lemon – Trustee
T A Cooper - Trustee
The notes form part of these financial statements
6
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
## **NOTES TO THE FINANCIAL STATEMENTS**
**for the Year Ended 31 December 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, 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 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
## **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.
|Freehold property|- Nil|
|---|---|
|Heritage assets|- Nil|
|Equipment
|- 25% on reducing balance|
## **Taxation**
The charity is exempt from corporation 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 could 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.
## **2. OTHER TRADING ACTIVITIES**
|**2.**
**OTHER TRADING ACTIVITIES**|||
|---|---|---|
|
200 Club
Locomotive Hire|31.12.21
£
1,767
8,349
10,116|31.12.20
£
1,802
597|
|||2,399|
7
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2021**
## **3.**
**INVESTMENT INCOME**
|
Wayleaves
Deposit account interest
**4.**
**NET INCOME/(EXPENDITURE)**
Net income: (expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Loss (surplus) on disposal of fixed asset
|
|
31.12.21
£
129
23
152
31.12.21
£
4,875
-|31.12.20
£
172
1|
|---|---|---|---|
||||173|
||
||
31.12.20
£
6,166
-|
|||||
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustees’ expenses**
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **6.**
## **COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|U
**INCOME FROM**
Donations and legacies
Other Income
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
Other
**Total**
**NET INCOME**|nrestricted
Fund
£
73,407
3
2,399
173
75,982
24,881
1,400
26,281
49,701|
|---|---|
8
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED**
**for the Year Ended 31 December 2021**
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -cont**
|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -cont**||
|---|---|
|
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
|Unrestricted
fund
£
1,969,836|
||1,988,100|
|||
## **7. TANGIBLE FIXED ASSETS**
||Freehold|Equipment|Totals|
|---|---|---|---|
||Property|||
||£|||
|||£|£|
|**COST**||||
|At 1 January 2021|1,781,285|59,449|1,840,734|
|Additions|118,136|1,003|119,139|
|At 31 December 2021|1,899,419|60,453|1,959,873|
|**DEPRECIATION**
At 1 January 2021|-|
40,956|
40,956|
|Charge for year|-|4,875|4,875|
|At 31 December 2021||45,831|45,831|
|**NET BOOK VALUE**||||
|At 31 December 2021||||
|At 31 December 2020|1,899,419|14,621|1,914,041|
||
1,781,285|18,493|1,740,651|
|||||
9
**COLNE VALLEY RAILWAY PRESERVATION LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED**
**for the Year Ended 31 December 2020**
|**8.**
**HERITAGE ASSETS**
**MARKET VALUE**
At 1 January 2021
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020
**9.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 January 2021 and 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020
There were no investment assets outside the UK|Total
£
342,384
342,384
337,884|
|---|---|
||342,384|
||£
4,387
4,387|
||4,387|
|||
At the Balance Sheet date the Company owned shares in the following three companies: 45163 Limited – 500 Ordinary shares of £1 each Colne Valley & Halstead Railway Company Limited – 3,885 Ordinary shares of £l each CVR 2006 Limited – 2 Ordinary shares of £1 each
10
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED**
## **for the Year Ended 31 December 2021**
## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|
Trade debtors
Amounts owed by group undertaking
Other debtors
VAT
Stock – Finished Goods
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 12)
Trade creditors
Other creditors
Amounts owed to group undertakings
Accruals and deferred income
**12.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdraft
|31.12.21
£
1,649
14,093
50
1,826
-
17,659
31.12.21
£
24,480
6,815
253,085
-
1,450
285,831
31.12.21
£
24,480
24,480|31.12.20
£
4,156
-
2,828
483
226
7,693
31.12.20
£
12,927
81
167,885
2,113
1,400
184,406
31.12.20
£
12,927
12,927|
|---|---|---|
11
**COLNE VALLEY RAILWAY PRESERVATION LTD**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2021**
## **13. MOVEMENT IN FUNDS**
|
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted Funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
||At
01.01.21
£
1,969,836
1,969,936
Incoming
resources
£
79,121
79,121
At
01.01.20
£
1,920,135
1,920,135
Incoming
resources
£
75,982
75,982|Net
movement
in funds
£
18,264
18,264
Resources
expended
£
(60,857)
(60,857)
Net
movement
in funds
£
49,701
49,701
Resources
expended
£
(26,281)
(26,281)|At
31.12.21
£
1,988,100|
|---|---|---|---|---|
|||||1,988,100|
|||||Movement
in funds
£
18,264
18,264
At
31.12.20
£
1,969,836|
||||||
||||||
|||||1,969,836|
|||||Movement
in funds
£
49,701|
|||||49,701|
||||||
12
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED**
**for the Year Ended 31 December 2021**
## **13. MOVEMENT EN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
Resources
Movement
01.01.20
expended
in
funds
£ £ £
1,920,135
67,965
1,988,100
1,920,135
67,965
1,988,100|
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
155,103
155,103|Net
At
movement
31.12.21
in funds
£ £
(87,138)
67,965
(87,138)
67,965|
|---|---|---|
## **14. RELATED PARTY DISCLOSURES**
Included in creditors **is** a loan outstanding at 31st December 2021 of £59,000 (2020: £62,560). This loan is from Mr E H Bailey, who is a Trustee of the Company. Mr E H Bailey was a Trustee of the Company since the 20th March 2016. The repayment of the remaining £59,000 has been agreed to be completed by 15/12/2029.
Included in creditors is a loan outstanding at 31[st] December 2021 of £60,000 (2020: £nil). This loan is from Mr Paul Lemon, who is a trustee of the Company. Condition 6 of the loan agreement states. “Should the borrower become insolvent, then the remaining balance Of this loan will have first charge against the assets of the Borrower”.
Included in creditors is an amount outstanding of £9,700 (2020: £nil) this is in relation to the purchase of the miniature railway, the amount of £9,700 is due to be paid to E Bailey’s estate by 31/12/2022.
13
**COLNE VALLEY RAILWAY PRESERVATION LTD**
**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**for the Year Ended 31 December 2021**
|**INCOME**
**Donations and legacies**
Donations
Grants
Subscriptions
**Other trading activities**
200 Club
Locomotive Hire
**Investment income**
Wayleaves
Deposit account interest
**Other income / (expenditure)**
Gain on sale of tangible fixed assets
Gain / (loss) on sale of heritage assets
Other operating income
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Sundries
**Other trading activities**
Newsletter and stationery
Computer software, consumables and maintenance
Sundries
Repairs and renewals
Depn. of Equipment
Carried forward
|31.12.21
£
11,058
51,590
3,033
65,681
1,767
8,349
10,116
129
23
152
-
3,172
3,172
79,172
-
815
95
800
33,481
4,875
40,066|31.12.20
£
15,271
54,201
3,935
73,407
1,802
597
2,399
172
1
173
-
3
3|
|---|---|---|
|||75,982
-
287
349
608
11,273
6,166
18,683|
14
## **COLNE VALLEY RAILWAY PRESERVATION LTD**
**DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2021**
|3
**Other trading activities**
Brought forward
Consultancy fees
Legal fees
Loan interest
Bank charges
Bank interest
Charitable donations
Equipment Hire
Training cost
**Support costs Governance costs**
Accountancy and legal fees
**Total resources expended**
**Net income**
|1.12.21
3
40,066
15,000
500
640
679
1,019
-
1,035
468
59,407
1,450
60,857
18,264|1.12.20
18,683
-
1,050
250
722
1,177
3,000
24,881
1,400
26,281
49,701|
|---|---|---|
15