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2021-07-31-accounts

AGM 2022 – Progress Report Steve Mackey – Chair Tony Moon – Project Secretary

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Martin
Detailed
Roberts
Examination
Version 1
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Progress with the Local Authorities

Project Board has been reinstated under Simon Gale – Director of Prosperity & Development for RCT 3 Meetings so far. RCT are appointing a consultant to prepare an application for a Heritage Lottery Fund grant of £5M NPT Council has expressed its firm support. Likely to be changes following local elections - a coalition is likely Progress with the Welsh Government Last Meeting was Feb. 2021 – before the Senedd Elections

. . . Poor

Progress with the Tunnel Owners – London Department for Transport

Chris Bryant - MP for Rhondda has been asked to get much more than £60k with a handover of ownership to Wales Several Exchanges in Parliament with Grant Shapps MP & an inconclusive meeting with the Minister of State for Transport A meeting with Welsh & London Ministers, HLF & other funders is promised

We are asking Welsh Conservative Senedd Members to help

Progress with National Highways

Tunnel Managers – formerly Highways England National Highways are getting the BBC to film a future programme in the tunnel.

Their photographer came with us in January Now fully support the project – see their website

. . . their home page

Penpych Field

Site to receive material from the tunnel cutting Also site for Visitors’ Centre, Car Parks & for Camping / Glamping / Caravan / Motor Homes

Pen Pych Field

Tunnel Entrance (Buried)

Blaencwm Village

Partnership between Welcome to Our Woods and your Society to get on with developing the site for camping Visitors’ Centre

Car Park

Camping, Glamping, Caravans, Etc.

Ground level will be raised

Air Quality Monitoring Visits

17 Visits so far - Air quality is excellent

National Highways now allow us to invite important guests Key to raising support for the project with decision-makers & potential funders Note that it takes well over an hour to walk the length of the tunnel

Blaengwynfi

Detailed discussions with start-up company hyperTunnel to access the buried portal by means of a tunnel extension But, hyperTunnel wanted over £200k for exploratory work before they could even confirm that the work was feasible & cost it So we have been looking at more conventional techniques to access the portal

Blaengwynfi

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Hillside
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New Portal Original Portal Extension Buried Tunnel . . . making the tunnel more than 2 miles long

Tubosider Tunnel Extension Or a Sheet Pile Trench

Currently . . .

Your Technical Subcommittee has drawn up detailed costings to:

& make a planning application to NPT Council

. . . Perhaps this will stir the Welsh Government into more action

So – Some Big Challenges ahead

  1. To get planning permission & raise funds privately to access the tunnel

  2. To make the Rhondda Tunnel a “must-visit” attraction . . .

. . . Visitors must be given lots of varied experiences

. . . ideas please!!

Great progress with the National Library of Wales in Aberwystwyth to use their huge collection - especially digital material

  1. Get funding for the whole project

Rhondda Tunnel Society Profit and Loss Account for the year ended 31 July 2021

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Profit before taxation
Tax on profit
Profit for the financial year		 2021
Unresticted
Funds
Resticted
Funds Total Funds
£
23,234
23,234
(4,954)
-
(4,954)
-
18,280
-
18,280
(16,970)
-
(16,970)
-
1,310
-
1,310
-
1,310
-
1,310
-
-
1,310
-
1,310		 2020
Prior Year
Funds
£
39,767
(109)
39,658
(25,551)
14,107
14,107
-
14,107

2

Rhondda Tunnel Society Registered number: 1162646 Balance Sheet as at 31 July 2021

Notes
Fixed assets
Tangible assets
2
Current assets
Stocks
Barclays Community Account
Santander Business Account
Cash in Hand
Paypal Account
Creditors: amounts falling due
within one year
3
Net current assets liabilities
Net assets
Capital and reserves
Reserves Brought forward
Profit and loss account
Total Funds
Signed on behalf of the trustees
Mrs Lesley Crew (Treasurer)
Mr Stephen Mackey (Chairman)		 2021
Unresticted
Funds
£
4,128
1,000
-
3,687
1,618
551
(3,589)
3,267
7,395
6,085
1,310
7,395
-		 Resticted
Funds
0
22,934
3,403
26,337
26,337
26,337
26,337
26,337
-		 Total Funds
4,128
-
-
1,000
22,934
7,090
1,618
551
26,337
-
(3,589)
-
29,604
-
33,732
32,422
1,310
-
33,732
-		 2020
Prior Year
Funds
£
4,516
1,000
15,690
11,169
18
551
28,428
522
27,906
32,422
-
32,422
32,422
-

Approved by the trustees on 31 August 2022

3

Rhondda Tunnel Society Notes to the Accounts for the year ended 31 July 2021

1 Accounting policies

Basis of preparation

These accounts have been prepared under the historical cost conventions with items recognised at cost at cost or transaction value unless otherwise stated in the relevant note to these accounts.

Accounting Policies

These are included in the Statement of Financial Activities (SoFA) when: the charity becomes entitled to the resources; it is more likely than not that the trustess will receive the resources; and the monetary value can be measured with sufficient reliability.

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. Grants and Donations Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP). In the case of performance related grants, income must only be recognised to the extent that the charity has provded the specifid goods or services as entitlement to the grant only occurs when the performance related conditions are met (5.16 FRS 102 SORP). Volunteer Help The value of any voluntary help received is not included in the accounts.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Motor vehicles 25% on W D V Fixtures, fittings, tools and equipment 25% on W D V

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

4

Rhondda Tunnel Society Notes to the Accounts for the year ended 31 July 2021

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2 Tangible fixed assets

Plant and
machinery
etc
£
Cost
At 1 August 2020
7,056
Additions
989
At 31 July 2021
8,045
Depreciation
At 1 August 2020
4,227
Charge for the year
955
At 31 July 2021
5,182
Net book value
At 31 July 2021
2,863
At 31 July 2020
2,829
Tangible fixed assets
3
Unresticted Creditors: amounts falling due within one year
Other creditors
4
Resticted Creditors: amounts falling due within one year
Accruals
Deferred Income		 Motor
vehicles
£
4,000
-
4,000
2,313
422
2,735
1,265
1,687
2021
£
3,067
3,589
-
3,589		 Total
£
11,056
989
12,045
6,540
1,377
7,917
4,128
4,516
2020
£
-
523
(1)
522

5 Deferred Income

A grant from Pen Y Cymoedd Wind Farm amounting to £90,975 was received .A balance of £15553 remains unspent .

5

Rhondda Tunnel Society Detailed profit and loss account for the year ended 31 July 2021

This schedule does not form part of the statutory accounts

Sales
Cost of sales
Gross profit
Administrative expenses
Operating profit
Profit before tax		 2021
Unresticted
Funds
Resticted
Total
£
23,234
23,234
(4,954)
(4,954)
18,280
18,280
(16,970)
-
(16,970)
1,310
-
1,310
1,310
-
1,310		 2020
£
50,007
(109)
49,898
(25,551)
24,347
24,347

6

Rhondda Tunnel Society Detailed profit and loss account for the year ended 31 July 2021

Before adj's
Sundry Receipts
Shop Takings
General Donations & Membership
R C T Grant
Grant Wind Farm
Raffle
Events
Bank Interest
Cost of sales
Merchandise Costs
Function Costs
Shop Purchases
Administrative expenses
Employee costs:
Training and welfare
Motor expenses
Premises costs:
Shop Rent
Shop Rates
Shop Light and heat
General administrative expenses:
Telephone and fax
Stationery and printing
Subscriptions
Paypal Fees
Bank charges
Insurance
Software
Repairs and maintenance
Depreciation
Sundry expenses
Legal and professional costs:
Accountancy fees
Inspection and Tunnel Work		 2021
Unresticted
Funds Resticted
Total Funds
£
624
624
8,582
8,582
646
646
13,060
-
-
322
322
-
-
-
-
23,234
-
10,174
874
874
4,080
4,080
-
-
4,954
-
4,954
337
337
1,556
1,556
1,893
1,893
4,767
4,767
76
76
1,150
1,150
5,993
-
5,993
1,525
1,525
1,834
1,834
1,250
1,250
-
-
122
122
229
229
426
426
677
677
1,376
-
1,376
925
925
8,364
-
8,364
720
720
-
-
-
720
-
720
16,970
-
16,970		 2020
Prior Year
£
10,431
7,186
531
12,844
19,015
-
130
61
39,767
-
55
54
109
754
1,382
2,136
5,222
124
809
6,155
1,043
2,096
-
397
144
664
2,055
1,290
2,511
1,029
11,229
-
6,031
6,031
25,551

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